FX.co ★ Cardano technical analysis shows promising bullish pattern.

Cardano technically remains in a bearish trend making lower lows and lower highs. So far trend is dominated by bears with no sign of a reversal. Bulls only got a mild bullish RSI divergence thus far, which is only a warning and not a reversal signal.

However price has formed a downward sloping wedge pattern which is usually followed by an upward break out and a strong bullish move. In this case resistance by the upper wedge boundary is at $0.83. Breaking above this level would be a bullish sign, combined with the bullish RSI divergence, I will be expecting a move towards $1.30 or even $1.60. Bears need to be cautious and protect their gains. It is justified at current levels to see a major reversal to the upside.